After a short-lived spike in early summer, mortgage rate has been declining for several weeks. Nowadays, you can refinance to a 5/1 ARM at 4.125% with zero points. It's not as good as the 3.50% rate I got for a 5/1 ARM earlier this year, but is still a very good rate.
Now, if you are about to refinance, read this timely warning from Bankrate. You should watch out if your lender displays one or more of the following behaviors:
- Encourages you to falsify your application information to get the loan.
- Urges you to borrow more than you need.
- Pushes you to accept payment terms that you can't realistically meet.
- Fails to give you the required disclosures (e.g., APR, rescission rights, etc.).
- Shows up at closing with a totally different loan product than you agreed to.
- Asks you to sign blank forms. ("It'll speed things up. We'll fill in the blanks later, trust me.")
- Denies you copies of documents you signed.
Big money is being made in the lending industry and where there is big money, there are bad apples. Don't become a victim of these unethical business practices.
How MBNA Takes Away Your Benefits, Gradually(November 04, 2004)
From time to time, credit card issuers can take away benefits promised at the time of your application, or change the terms of credit card, often in a discreet manner. If you receive some notices from your bank, don't throw it away. It is often ... Read
The Radical Guide to Credit Cards(October 17, 2004)
David Jackson and I share a common belief that a smart person can play the credit card game right and take advantage of credit card companies. In his TechUncovered site, David published The Radical Guide to Credit Cards, a thorough summary of how the credit ... Read
Dirty Secrets of Airline Credit Cards(October 07, 2004)
Thinking of your free ticket every time you swipe your airline credit cards? Take a look at this CNN Money article. Your free ticket can come from your own money in the form of annual fees, and, if you regularly keep a balance on the ... Read
Demystifying ARM Indices(September 15, 2004)
Many of us appreciate the flexibility and value of of adjustable rate mortgages (ARM) compared to ordinary fixed rate mortgages. When we all know the difference between a 5/1 ARM and a 3/1 ARM, we usually don't pay much attention to the index on which ... Read
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